Selena Gomez can now add the title of billionaire to her long list of accomplishments.
The 32-year-old actress, singer, investor and businesswoman recently achieved the financial milestone that makes her one of the youngest self-made billionaires in the United States, according to Bloomberg, which valued her net worth at US$1.3 billion.
Some of the “Only Murders in the Building” star’s wealth comes from music, brand partnerships and acting, but the “largest portion” of her wealth is tied to Rare Beauty, her 5-year-old makeup line that’s a hit among influencers and teens, the publication revealed on Friday.
Gomez’s wealth is based on what Bloomberg calls the “estimated value” of her stake in the beauty brand, as well as her interest in mental health platform Wondermind and other income from her music, acting, property and collaborations with posts she makes on social media, including her 424 million Instagram followers.
Her popularity on Instagram makes her the third most followed person after football icons Cristiano Ronaldo (638 million) and Lionel Messi (504 million), which has helped her secure major sponsorship deals worth US$30 million with Puma and US$10 million with Coach.
But her followers have also helped her Rare Beauty line, putting it in the category of celebrity-led makeup brands dominated by Rihanna and the Kardashians. Gomez has reportedly approached investors for Rare Beauty, with a view to a $2 billion valuation.
In 2020, Gomez revealed that she was diagnosed with bipolar disorder and later said in an interview with Entrepreneur that any deal made with her “must have an element that is charitable or in the mental health space.” She created the Rare Impact Fund to raise $100 million to help people access mental health services.
The former child star’s other sources of income include revenue from her Hulu show “Only Murders in the Building,” which was recently renewed for a fifth season, where she earns $6 million per season, according to Bloomberg, and a small portion of her music royalties.